This thread got started while I was on vacation, and I haven't read all the replies, so apologies if my response is repetitive or not very nuanced.
I'm someone whose price point has increased somewhat significantly in the decade or so since I started reading YLF. Some of that is certainly due to income and circumstances, but I also buy a lot fewer items per year than I used to, so my budget hasn't gone up as significantly as my price point has.
Along with a lot of books/articles on the issues with fast fashion and the challenges of sustainable manufacturing, two articles have impacted my thinking on price recently. The first was this one about having a minimum price point, which I started a thread about here eons ago. This argument resonated with me, "Our brain weighs the pleasure of acquiring against the pain of paying. As clothing prices decline, that pain does too, making shopping easy entertainment, disconnecting it from our actual clothing needs. [...]To restore that balance, the price of the clothing we consider purchasing should be high enough that it “hurts” at least a little."
Shopping at a higher price point became a psychological trick I played on myself as a way of forcing myself to make more considered purchases.
That led to a discovery that many of my more considered, higher-priced purchases fit better, hung better, looked better, and felt better than lower-priced purchases. They did NOT always last longer. It made parts of this second article about wardrobe tracking speak to me, specifically the authors realization about what quality meant to him:
"This brings up the obvious point that quality is not limited to, and cannot be measured solely by, durability. In my personal view, the expensive shirts are of higher quality in many regards. This means each wear provides a more valuable subjective experience (better materials, style and cut, details, brand, etc.), which may justify the difference in CPW. [...] I now know the monetary cost of my preference for quality, and I am happy to pay it."
I'm settling into the notion that, while paying a higher price very well may decrease my cost-per-wear, it might not, and there are other factors (fabric quality/drape/handfeel, sustainable manufacture, fit, finish, etc) that make higher-priced garments feel worth it.
So to summarize...I pay a lot more per item now than I did when starting YLF. Though that started from a baseline of wanting to consume less but not needing to change my budget, paying more led me to discovering the benefits of higher-priced purchases. I'm now thrilled that my altered price-point allows me to access a wider range of sustainable, quality garments than I was able to consider when spending less per piece.